Russian Cyber Gang reaps 1.2 billion passwords

This week an astounding divulgation that Russian crime ring have stolen almost 1.2 billion user names and passwords and more than 500 million email address, as stated by researchers.
Alex Holden, Chief Information Security Officer for Hold Security whose firm revealed the breach stated that these cybercriminals have spent the last seven months amassing a bulk of personal data, stealing almost 1.2 billion user names and passwords affecting 420,000 websites.
“Their cache of stolen goods grew quite quickly,” said Holden, who has not proclaimed details about the websites that have breached or the names of other victims.
Hold Security is well-known for uncovering hacks comprising ten million records from Adobe Systems last year. Though it didn’t name the victims, pointing out non-disclosure agreements.
According to sources, the victims are likely to comprise Australians, along with nationalities along the world.
“This Russian cyber gang is formidable, and the lasting effects of how this data will be used are yet to be uncovered.,” stated Trend Micro’s Jon Oliver.
“The Russian underground is a dangerous place for personal data and many victims will be impacted as passwords and account information are bought and sold for criminal use.”
As per the security experts, businesses need to take a tackling step to these threats as the computerized gadgets and software make access to Internet and often puzzled with weakness that hackers can exploit.
“There is zero or very little corporate responsibility being taken to insure products in the market are safe,” stated Melissa Hathaway, a former top federal cyber security official with the National Security Council and the Office of the Director of National Intelligence, who now has a consulting firm. “If we continue to see the market the way it is, we’ll see more victims.”
“If you can get agreement from the local government, yes, we should go after them,” said Geoff Webb, senior director of NetIQ, adding there was a domino effect once one hacking group was exposed and charged.
“You can quickly have an impact on a hacking community. They know each other, and these guys quickly provide information on other hackers. It can be very, very effective” stated Mr Webb.
Several experts also told the government to work more with foreign nations so as to crack down the cyber gangs and an increment in penalties or U.S. companies that loose confidential information due to poor security.

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Abby is fun loving yet serious professional, born and raised in Sioux Falls, SD. She has a great passion for journalism, her family includes her husband, two kids, two dogs and herself. She has pursued her Mass Communication graduation degree from the Augustana College. She is currently employed at TheWestsideStory.net, an online news media company located in Sioux Falls, SD.